Most traded commodities by value

(VEN) - Vietnam achieved record export results in 2018 despite the threats to the global economy, largely due to market diversification, doubling its trade surplus compared to 2017. “Having diversified export markets helped Vietnam to sustain export gains and to mitigate economic risks from external economic fluctuations,” according to a recently issued report by the World Bank. Diversified export markets In 2017, Vietnam’s export-import reached a record US$425.12 billion, including US$214.02 billion in exports and US$211.1 billion in imports, putting the trade surplus at nearly US$3 billion. At the beginning of 2018, Prime Minister Nguyen Xuan Phuc asked the Ministry of Industry and Trade to target a 10-percent export increase, higher than the goal of 7-8 percent set by the National Assembly. The task was particularly challenging given the escalating US-China trade war, and challenges posed by non-tariff barriers for imported goods. To carry out its … [Read more...] about Vietnam’s exports, trade surplus hit new records

The southern province of Dong Nai posted a trade surplus of more than US$2.6 billion in 2018, representing over 30% of the total trade surplus of the whole country, according to the provincial People’s Committee. Dong Nai posted a trade surplus of more than US$2.6 billion in 2018 - Photo: baodongnai.com.vn Dong Nai is currently one of the leading cities and provinces in terms of trade surplus nationwide. Regarding the United States market alone, the locality reported an export turnover of approximately US$4.7 billion last year, up 8% compared to 2017. The US is the largest export market for Dong Nai with a moderate growth rate for years. The province’s major exports to the US include footwear, garment and textiles, textile fibre, timber products, machinery and auxiliary parts. At present, Dong Nai has nearly 4,000 businesses exporting goods to most countries and territories around the world. Footwear, garment and textiles, fibre, machinery and auxiliary parts are … [Read more...] about Dong Nai accounts for over 30 percent of national trade surplus in 2018

Illustrative image. (Source: VNA) Hanoi (VNA) – Vietnam enjoyed its largest trade surpluses with the United States (US) and European Union (EU) in the first 11 months of 2018, according to the General Statistics Office (GSO). Vietnam had a combined trade surplus of 57.5 billion USD with the US and the EU, up 7.3 percent from the same period last year and six times higher than the country’s total figure of 6.81 billion USD. This figure substantially contributed to the national foreign exchange reserves, which have grown to a record high of more than 60 billion USD so far this year. Over the period, Vietnam had its largest trade surplus of 31.9 billion USD with the US, up 8.1 percent year on year and 4.7 times higher than the total national trade surplus. The most growth was recorded in exports of mobile phones and accessories (49.8 percent), footwear (14.6 percent) and garment and textile (12.4 percent). Vietnam’s trade surplus with the EU stood at 25.6 billion … [Read more...] about Vietnam runs biggest trade surplus with US, EU in 11 months

At the event (Photo: VNA) Hanoi (VNA) – The 10th The Rice Trader (TRT) World Rice Conference, the world’s most premier conference focused solely on the rice trade, was opened in Hanoi on October 11. Attending the event were Deputy Prime Minister Vuong Dinh Hue, leading officials of Vietnam’s Ministries of Industry and Trade, and Agriculture and Rural Development, representatives of the rice sector of the world’s major importers and exporters and major companies, and experts from more than 30 nations and territories all over the world. Minister of Industry and Trade Tran Tuan Anh said that Vietnam holds an increasingly important role in coordinating with rice importers, exporters and partner organisations to effectively participate in the globe’s rice product chain and food security. The country’s rice export market development strategy for the 2017-2020 period with a vision to 2030 approved by the Prime Minister focuses on developing … [Read more...] about World’s most premier rice conference opens in Hanoi

Trade openness grows with sub-contractingBy Pham Van Dai Vietnam’s trade openness is essentially the result of structural factors reflective of the development level of the economy; it is not a policy option that Vietnam can easily change and revise over the short-term - PHOTO: THANH HOA Vietnam’s wider trade openness than other regional countries simply reflects the sub-contracting nature of the domestic economy. In other words, it does not mean the country has a higher level of global economic integration and trade liberalization. Opinions have recently surfaced about Vietnam’s very high degree of trade openness, and the country is even among the economies with the highest degree of trade openness in the world. But this also means the country may be more vulnerable to external economic changes. The important question regarding this issue is whether or not this high degree of trade openness results from Vietnam’s trade policy and it needs policy … [Read more...] about Trade openness grows with sub-contracting

Bilateral trade increased to 3 billion USD in 2017, with Argentina’s exports to Vietnam reaching 2.5 billion USD. Photo for illustration: VOV The event was co-organised by the Argentina Federal Investment Council and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade. Speaking at the event, Argentinean Ambassador to Vietnam Juan Carlos Valle Raleigh said Vietnam is a strategic partner that Argentine businesses want to boost commercial cooperation. According to the diplomat, the two countries elevated bilateral relations to the level of strategic partnership in 2010, creating a premise for the development of economic ties. Bilateral trade increased to 3 billion USD in 2017, with Argentina’s exports to Vietnam reaching 2.5 billion USD. In the first four months of 2018, Argentina exported 950 million USD worth of commodities to Vietnam and imported 170 million USD worth of Vietnamese goods. Despite recording a trade deficit, … [Read more...] about Vietnam, Argentina target 5 billion USD in bilateral trade value

Trading through commodity exchanges will be more convenient in Vietnam with the Government’s new regulations on the establishment and trading on the commodity exchange.(Photo: binhduong.gov.vn) Hanoi (VNA) - Trading through commodity exchanges will be more convenient in Vietnam with the Government’s new regulations on the establishment and trading on the commodity exchange. Decree No. 51/2018/ND-CP, which will be effective from June 1, 2018, amends and supplements a number of articles of the Government’s Decree No. 158/2006/ND-CP, dated December 28, 2006, on the conditions for the establishment of commodity exchange. According to Nguyen Viet Vinh, general secretary of the Vietnam Coffee and Cocoa Association, the new decree has solved many problems in trading activities on the commodity exchange in Vietnam and is expected to open a new era for both businesses and farmers to boost their sales through this channel. Decree 51 expands the list of goods traded on the … [Read more...] about New regulations to improve Vietnam commodity exchange

Trading through commodity exchanges will be more convenient in Viet Nam with the Government’s new regulations on the establishment and trading on the commodity exchange.– Photo binhduong.gov.vn Trading through commodity exchanges will be more convenient in Viet Nam with the Government’s new regulations on the establishment and trading on the commodity exchange. Decree No. 51/2018/ND-CP, which will be effective from June 1, 2018, amends and supplements a number of articles of the Government’s Decree No. 158/2006/ND-CP, dated December 28, 2006, on the conditions for the establishment of commodity exchange. According to Nguyen Viet Vinh, general secretary of the Viet Nam Coffee and Cocoa Association, the new decree has solved many problems in trading activities on the commodity exchange in Viet Nam and is expected to open a new era for both businesses and farmers to boost their sales through this channel. Decree 51 expands the list of goods traded on the commodity … [Read more...] about New regulations to improve Viet Nam commodity exchange

Breezy: Mã Châu silk is dried and softened before being sent to fashion designers. — Photo courtesy of Mã Châu Silk Viet Nam News Mã Châu silk craft, mulberry farming and silkworm breeding have roots some five centuries ago in Duy Xuyên District in the centralprovinceofQuảng Nam. The silk trade was among central ViệtNam’s most prosperous industries in the 15th century, as it was among commodities exchanged with merchant European at the busy Hội An Port . But the trade faded by the late 1990s. Recently, however, the last local silk makers have revived the traditional craft while introducing modern techniques and marketing methods. Bùi Hoài Nam reports Trần Hữu Phương, 48 and his daughter, Trần Thị Yến, 25, and five craftswomen in Nam Phước Town are on a mission to revive the Mã Châu silk brand. Starting with little more than a lingering hope in … [Read more...] about Local craftsmen keep old trade alive

China’s trade surplus with the United States surged nearly 20 percent in the first quarter, with some analysts speculating exporters were rushing out shipments to get ahead of threatened tariffs that are spurring fears of a full-blown trade war. The latest readings on the health of China’s trade sector are unlikely to ease tensions following weeks of tit-for-tat tariff threats by Washington and Beijing, though they suggest China’s economy is still in relatively solid shape. Even as China’s trade surplus narrowed overall in the first three months of the year, its surplus with the U.S. surged 19.4 percent to $58.25 billion from a year earlier, customs data showed on Friday. While China was busy selling more to the U.S., it was buying more from other countries, and ran a $9.86 billion deficit with the rest of the world in the quarter. China’s overall exports and imports both grew at a strong double-digit clip early in the year, and while exports unexpectedly … [Read more...] about China’s trade surplus with US soars in Q1 but March exports falter